City Council approves Town Madison agreement

City Council approves Town Madison agreement
Rendering of minor league baseball stadium for Town Madison (Source: City of Madison)

MADISON, AL (WAFF) - The Madison City Council passed an agreement outlining developer commitment to infrastructure that supports the new baseball stadium in a 6-1 vote Monday night. This means the baseball stadium is even closer to coming to life.

"The next step is for us to get to work," Mayor Paul Finley said.

The council approved what the mayor calls a "last step." He said everything's finally in place.

"The interchange, the venue, the ball team," he said.

Finley said the council is looking forward to having a Minor League Baseball team supporting their multiuse venue. It's still on track to open in 2020.

The interchange the council talked about Monday will help get folks to the stadium. The agreement increases developer commitment from $22 million to $40 million.

"It'll fill up with revenue-generating, family-oriented experiences for years and decades to come," Finley said.

Those experiences are what the city hopes to cash in on. The plan is to pay the developer back with the new tax dollars generated from the new facility.

They also passed the next phases of architectural drawings and construction management.

The vote comes a week after city leaders solidified an infrastructure agreement with Town Madison's developers.

The development is being built along Interstate 565 and will be anchored by a new minor league baseball stadium.

[Madison baseball stadium deal finalized; 2020 open date]

Under the new terms, Madison agrees to a funding request of $40 million. That's a $22 million increase from the original plans. The agreement also has a lower interest rate.

Revenue created from Town Madison will go toward helping the city pay back the bonds.

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